Toronto Housing Slumps Fast After Move To Deflate Bubble

Описание: http://stevemoranhomes.com. The average price of residential properties sold last month in the Greater Toronto Area fell from a record high in April as the market felt the psychological impact of a new 15 percent tax on foreign home buyers. June's average residential price of $793,000 is down from a record-high $920,000 in April but still 6.3 per cent higher than June 2016. Sales also slumped in June for the second straight month. The high end of the market appears to be absorbing the bulk of the policy changes, with single-detached home sales down 45 per cent year-over-year. The feverish mood, widespread bidding wars and scarcity of listings earlier this year in the GTA have given way to a market in which buyers are hesitating and sellers are no longer in the driver's seat. The experience in Vancouver following the introduction of a foreign buyer tax last August shows that prices faced downward pressure for a period of several months before upward pressure resumed once the market fully adjusted to the new measures. I expect a similar pattern for Toronto in the future. No matter what the short term moves are, in the long-term, investors in real estate in Canada's largest city are in an excellent position. Thanks once again for your attention. I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://stevemoranhomes.com. Have a great day!